Reportlinker.com reports the global cast elastomer market size is projected to reach USD 1.8 billion by 2026 from USD 1.4 billion in 2021, at a CAGR of 5.0%
Improved properties such as high load-bearing capacity, high resilience, high impact strength, high abrasion resistance, and excellent resistance to oil and grease than conventional materials is also a major driving factor. Also, the growing demand for equipments for industrial processes employed in various industries such as food & beverage, power, oil & gas, chemical, mining, and pulp & paper and growth in urbanization in the emerging economies, such as APAC, Middle East & Africa, and South America, are also driving the market.
The hot cast elastomer segment is the largest, which is also projected to be the largest till 2026.The key growth driver of the high consumption of these cast elastomers is owing to their properties such as cost-effectiveness, versatility, and durability.
Hot cast elastomers have a wide range of applications and exhibit properties of polyurethane.These elastomers are used in applications such as rollers and industrial wheels, which demand a high degree of performance.
These elastomers find applications in automotive, mining, oil, medical, heavy-duty equipment, and transport industries. Increasing demand for machineries and equipments in these end-use industries is expected to support the growth of the hot cast elastomer segment.
The industrial sector is the largest end-use industry for cast elastomer market. The growing demand in this segment is attributed to its wide variety of applications in the industrial sector.
Increasing number of industries generating high demand for equipment and machinery is helping boost the demand for cast elastomer in this sector.Cast elastomer are used in the industrial sector in a wide range of applications such as coupling elements, seals & gaskets, conveyor belts, forklift wheels, etc.
These are used in various sectors such as paper, construction, heavy industries, and others. Growing demand for machinery is directly expected to affect the cast elastomers market positively.